Derivative Assets And Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Outstanding Commodity-Related Derivatives

The following table details our outstanding commodity-related derivatives:

	September 30, 2020		December 31, 2019
	Notional Volume	Maturity	Notional Volume	Maturity
Mark-to-Market Derivatives
(Trading)
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX (1)	(91,365)	2020-2021	(35,208)	2020-2024
Fixed Swaps/Futures	4,965	2020-2022	1,483	2020
Power (Megawatt):
Forwards	1,714,800	2020-2029	3,213,450	2020-2029
Futures	(35,313)	2020-2022	(353,527)	2020
Options – Puts	(15)	2020-2021	51,615	2020
Options – Calls	(6,323,560)	2020-2022	(2,704,330)	2020-2021
(Non-Trading)
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX	(20,800)	2020-2022	(18,923)	2020-2022
Swing Swaps IFERC	(7,480)	2020-2021	(9,265)	2020
Fixed Swaps/Futures	(43,708)	2020-2022	(3,085)	2020-2021
Forward Physical Contracts	(15,281)	2021	(13,364)	2020-2021
NGLs (MBbls) – Forwards/Swaps	(14,743)	2020-2022	(1,300)	2020-2021
Refined Products (MBbls) – Futures	(3,391)	2020-2022	(2,473)	2020-2021
Crude (MBbls) – Forwards/Swaps	1,929	2020	4,465	2020
Corn (thousand bushels)	—	—	(1,210)	2020
Fair Value Hedging Derivatives
(Non-Trading)
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX	(38,490)	2020-2021	(31,780)	2020
Fixed Swaps/Futures	(38,490)	2020-2021	(31,780)	2020
Hedged Item – Inventory	38,490	2020-2021	31,780	2020

(1)Includes aggregate amounts for open positions related to Houston Ship Channel, Waha Hub, NGPL TexOk, West Louisiana Zone and Henry Hub locations.

Interest Rate Swaps Outstanding

The following table summarizes our interest rate swaps outstanding, none of which were designated as hedges for accounting purposes:

Term	Type(1)	Notional Amount Outstanding
		September 30, 2020		December 31, 2019
July 2020(2)(3)	Forward-starting to pay a fixed rate of 3.52% and receive a floating rate	$	—	$	400
July 2021(2)	Forward-starting to pay a fixed rate of 3.55% and receive a floating rate	400		400
July 2022(2)	Forward-starting to pay a fixed rate of 3.80% and receive a floating rate	400		400

(1)Floating rates are based on 3-month LIBOR.

(2)Represents the effective date. These forward-starting swaps have terms of 30 years with a mandatory termination date the same as the effective date.

(3)The July 2020 interest rate swaps were terminated in January 2020.

Fair Value Of Derivative Instruments

The following table provides a summary of our derivative assets and liabilities:

	Fair Value of Derivative Instruments
	Asset Derivatives				Liability Derivatives
	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
Derivatives designated as hedging instruments:
Commodity derivatives (margin deposits)	$	32	$	24	$	(52)	$	—
Derivatives not designated as hedging instruments:
Commodity derivatives (margin deposits)	68		319		(107)		(350)
Commodity derivatives	47		41		(45)		(39)
Interest rate derivatives	—		—		(522)		(399)
	115		360		(674)		(788)
Total derivatives	$	147	$	384	$	(726)	$	(788)

Derivatives, Offsetting Fair Value Amounts [Table Text Block]

The following table presents the fair value of our recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets that are subject to enforceable master netting arrangements or similar arrangements:

		Asset Derivatives				Liability Derivatives
	Balance Sheet Location	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
Derivatives without offsetting agreements	Derivative liabilities	$	—	$	—	$	(522)	$	(399)
Derivatives in offsetting agreements:
OTC contracts	Derivative assets (liabilities)	47		41		(45)		(39)
Broker cleared derivative contracts	Other current assets (liabilities)	100		343		(159)		(350)
Total gross derivatives		147		384		(726)		(788)
Offsetting agreements:
Counterparty netting	Derivative assets (liabilities)	(28)		(18)		28		18
Counterparty netting	Other current assets (liabilities)	(34)		(318)		34		318
Total net derivatives		$	85	$	48	$	(664)	$	(452)

We disclose the non-exchange traded financial derivative instruments as derivative assets and liabilities on our consolidated balance sheets at fair value with amounts classified as either current or non-current depending on the anticipated settlement date.

Derivatives Not Designated as Hedging Instruments [Table Text Block]

	Location	Amount of Gain (Loss) on Derivatives
		Three Months Ended September 30,				Nine Months Ended September 30,
		2020		2019		2020		2019
Derivatives not designated as hedging instruments:
Commodity derivatives – Trading	Cost of products sold	$	4	$	3	$	15	$	15
Commodity derivatives – Non-trading	Cost of products sold	(44)		21		53		(53)
Interest rate derivatives	Gains (losses) on interest rate derivatives	55		(175)		(277)		(371)
Total		$	15	$	(151)	$	(209)	$	(409)